BoG: 2017 a record-breaking year for travel receipts, arrivals to Greece

23 February 2018
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Travel receipts for Greece increased by 10.5 percent in 2017, compared to 2016, reaching 14.596 billion euros, while the number of visitors to the country also increased by 9.7 percent from 2016 – just more than 27.19 million, up from 24.79.

At the same time, the average expenditure per trip increased by paltry 1.4 percent, yoy.

According to a detailed press release on Wednesday, the Bank of Greece (BoG) reported that:

Balance of travel services

Based on provisional data, in December 2017 the balance of travel services showed a surplus of €11 million, down 76.3% from a surplus of €45 million in December 2016. This development is attributed to a 26.5% increase in travel payments (December 2017: €172 million, December 2016: €136 million), which outweighed an increase of 0.8% in travel receipts (December 2017: €182 million, December 2016: €181 million). The rise in travel receipts reflected a 1.0% increase in average expenditure per trip, as inbound traveller flows decreased by 0.3%. Net receipts from travel services accounted for 2.4% of total net receipts from services and offset 0.7% of the goods deficit.

In 2017, the balance of travel services showed a surplus of €12,680 million, up 13.2% from a surplus of €11,201 million in 2016. This development was driven by an increase of €1,389 million or 10.5% in travel receipts and a decrease of €90 million or 4.5% in travel payments. The rise in travel receipts is attributed mostly to a 9.7% increase in inbound traveller flows and, to a lesser extent, to a 1.4% rise in average expenditure per trip. Net receipts from travel services offset 69.1% of the goods deficit and accounted for 72.9% of total net receipts from services.

Travel receipts

In December 2017, as mentioned previously, travel receipts rose by 0.8% year-on-year. In more detail, receipts from residents of the EU28 fell by 5.4% to €96 million, whereas receipts from outside the EU28 rose by 8.8% (December 2017: €84 million, December 2016: €77 million). The lower receipts from within the EU28 were due to a 9.2% drop in receipts from euro area residents (December 2017: €58 million, December 2016: €64 million), as receipts from residents of non-euro area EU28 countries increased by 1.3%. Breaking down receipts by visitor’s country of origin, receipts from France remained roughly stable at €4 million, whereas receipts from Germany decreased by 19.2% to €14 million. Receipts from the United Kingdom increased by 7.8% to €17 million. Turning to non-EU28 countries, receipts from Russia fell by 31.4% to €4 million, as did receipts from the United States, by 19.5% to €12 million.

In 2017, travel receipts rose by 10.5%, compared with the previous year, to €14,596 million. This development is attributed to increases in receipts from within the EU28 by 13.8% to €9,843 million and in receipts from outside the EU28 by 5.6% to €4,327 million. In particular, receipts from euro area residents rose by 20.6% to €6,270 million, while receipts from residents of non-euro area EU28 countries also increased, by 3.6% to €3,573 million. Specifically, receipts from France rose by 17.3% to €992 million, as did receipts from Germany, by 31.5% to €2,553 million. Receipts from the United Kingdom also increased, by 11.6% to €2,061 million. Turning to non-EU28 countries, receipts from Russia decreased by 3.6% to €418 million, whereas receipts from the United States rose by 4.4% to €803 million.

Inbound traveller flows

In December 2017, the number of inbound visitors fell slightly by 0.3% year-on-year to 563 thousand. Specifically, visitor flows through airports increased by 3.5%, whereas visitor flows through road border-crossing points declined by 7.4%. This development is attributed to a 10.1% decrease in visitor flows from within the EU28, as visitor flows from outside the EU28 increased by 14.0%. In greater detail, the number of visitors from the euro area fell by 6.2% to 142 thousand, while visitors from the non-euro area EU28 countries also declined, by 13.2% (December 2017: 159 thousand, December 2016: 183 thousand). Specifically, the number of visitors from France decreased by 10.7% to 8 thousand, as did the number of visitors from Germany, by 3.5% to 38 thousand. Visitors from the United Kingdom rose by 24.0% to 44 thousand. Turning to non-EU28 countries, the number of visitors from Russia fell by 22.2% to 9 thousand, whereas the number of visitors from the United States rose by 13.4% to 26 thousand.

In 2017, the number of inbound visitors rose by 9.7% to 27,194 thousand (2016: 24,799 thousand). Specifically, visitor flows through airports increased by 9.9%, while visitor flows through road border-crossing points also increased, by 8.7%. In the period under review, the number of visitors from within the EU28 rose by 7.9% year-on-year to 18,583 thousand, as did the number of visitors from outside the EU28, by 13.6% to 8,611 thousand. Visitors from the euro area rose by 10.4%, while visitors from the non-euro area EU28 countries also rose, by 5.3%. Specifically, the number of visitors from France increased by 8.1% to 1,420 thousand, as did the number of visitors from Germany, by 18.1% to 3,706 thousand. Visitors from the United Kingdom increased by 3.7% to 3,002 thousand. Finally, turning to non-EU28 countries, the number of visitors from Russia decreased by 1.1% to 589 thousand, whereas the number of visitors from the United States rose by 11.1% to 865,000.”

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